Aspire Impact and Aspire Circle launch ESG Framework for Pharma & Healthcare
Framework unveiled in New Delhi by 15 co-authors, corporate and investment CXOs, from Cipla, Zydus, Sun Pharma, Quadria Capital, HealthQuad, Whiteoak Capital, and others
Aspire Impact, a standards-based ESG, Sustainability & Impact Measurement and Ratings initiative, has launched a new research publication titled Healthcare: An ESG Performance Framework, jointly led by Aspire Circle and Aspire Impact under its Capgemini-supported Impact Future Project. The report was released at an event held in New Delhi, supported by Quadria Capital and HealthQuad. The gathering brought together senior representatives from hospitals, pharmaceutical companies, policymakers, and ESG leaders, including Fortis, Apollo, Quadria Capital, and Tata Capital Healthcare Fund.
The framework introduces 80 sector-agnostic and 27 healthcare sector-specific indicators, offering a method to assess risks such as biomedical waste, antimicrobial resistance, and unequal access to care, while also identifying opportunities in areas like green hospital infrastructure, digital health, and affordable drug development. Significantly, the framework distinguishes between ESG risks and opportunities, enabling a sharper analysis of sector performance. This structure reflects the growing need to move beyond single blended ESG scores, especially in sectors as sensitive and high-impact as pharmaceuticals and healthcare.
The report highlights how climate change, fragile supply chains, workforce burnout, and data security have become key ESG concerns in healthcare. Biomedical waste, energy use, and antimicrobial resistance are rising environmental risks. Meanwhile, inequity in access and weak data governance remain pressing social and governance challenges. These risks were laid bare during the pandemic and continue to affect service delivery and public trust.
At the same time, the sector holds significant ESG opportunities, especially in renewable energy use, ethical supply chain practices, circular packaging models, and expanded reach through schemes like Ayushman Bharat and Jan Aushadhi. The framework also introduces performance metrics such as WHO prequalification of medicines, AMR management systems, and patient access under government health schemes.
Rahul Agarwal, Partner, HealthQuad remarked, “For investors and operators alike, this framework fills a critical gap. It moves us beyond broad sustainability claims to specific, measurable benchmarks. It empowers the entire ecosystem to act with greater confidence and accountability.”
This is the third release in a 12-part series by Aspire Impact focusing on ESG performance across sectors. The earlier publications focused on core ESG KPIs and the financial services sector. Aspire also plans to launch IKOOWorld, a digital platform to support DIY or assured ESG Sustainability and Impact Assessments. The Working Group members and co-authors of the research publication included Aditya Gurudanti, Associate Director & Head, Stirrup Sustainability Advisory, Ex Deputy General Manager & Head ESG, Lupin; Alok A. Kumar, Group Lead, ESG & Sustainability, Fortis Healthcare; Amit Bhatia, Founder & CEO, Aspire Impact and Aspire Circle; Anshu Taneja, Managing Director, VisionSpring; LM Singh, Managing Director, India & Global Head, Partnerships & Innovative Finance, Vital Strategies; Manoj Garg, Founding Member & Director, Whiteoak Capital; Mayank Tomer, Deputy General Manager, ESG, Zydus Lifesciences; Dr. Piyoush Malhotra, Head Government Affairs, NephroPlus,; Rahul Agarwal, Partner, HealthQuad; Ruhana Zariwala, Global Head, Sustainability, Cipla; Sameer Wagle, Managing Director, Asia Pacific Healthcare Advisors; Dr. Shuchin Bajaj, Founder Director, Ujala Cygnus Hospitals; Sunila Uday Sahasrabudhe, Sustainability Freelancer, Ex Head ESG, Biocon; Visalakshi Chandramouli, Founding Managing Partner, Tata Capital Healthcare Fund; Vivek Prakash, Vice President, CSR, Jubilant Ingrevia.
The launch event was addressed by Sunil Thakur, Partner, Quadria Capital and Co-Founder, HealthQuad; Visalakshi Chandramouli, Managing Partner, Tata Capital Healthcare Fund; Dr. Karan Thakur, Group Vice President, Corporate Affairs & Sustainability, Apollo Hospitals; Dheeraj Jain, Founder & Chairman, Redcliffe Labs; Anoop Deshpande, Company Secretary and Compliance Officer, Sun Pharma; Kumar Anurag Pratap, CSR Leader, Capgemini India; and Dr. Shikha Nehru Sharma, Founder & Managing Director, Nutriwel Health India and co-authors of the publication.